US Bitcoin Miners Hoard Apex Crypto To Shield Against Rising Expenses — MARA, Riot Replicate MicroStrategy’s Playbook

Leading Bitcoin (CRYPTO: BTC) miners in the U.S. are accumulating BTC as a buffer against growing competition and narrowing profit margins.

What Happened: Firms including MARA Holdings Inc. (NASDAQ:MARA), Riot Platforms Inc. (NASDAQ:RIOT), and CleanSpark Inc. (NASDAQ:CLSK) have leveraged Bitcoin’s soaring price, which hit $100,000 last month, to raise over $3.7 billion since November, according to a Financial Times report on Monday.

These funds have been utilized to fund Bitcoin purchases, often raised through zero or near-zero coupon convertible notes.

Following in the footsteps of MicroStrategy, MARA, the world’s biggest Bitcoin mining company, has pivoted toward a buy-and-hold strategy, retaining all Bitcoin it mines and periodically making strategic open-market purchases.

Miners such as CleanSpark have also chosen to retain the majority of the Bitcoin mined in recent months.

On-chain data also reflected the behavioral shift. The number of Bitcoins …

Full story available on Benzinga.com